What is Difference between MetaTrader 4 & MT5 Softwares?
Meta Trader 4 vs Meta Trader 5 Softwares Difference
MT4 and MT5 platforms are electronic softwares used by traders to place trades online. However, MetaTrader 4 platform is primarily used for retail trading while MetaTrader 5 is used as a multi asset software for trading stocks, stock indices, CFDs, commodities, equities in addition to gold.
Meta Trader 4 platform provides traders with 9 chart time frames while MetaTrader 5 platform provides traders with 21 chart timeframes.
Meta Trader 4 platform provides traders with 30 in built indicators while MetaTrader 5 platform provides traders with 38 in built indicators.
Meta Trader 4 platform provides traders with 31 charts tools while MetaTrader 5 platform provides traders with 44 chart tools - with additional tools such as Elliot wave drawing tools.
Meta Trader 4 software does not provide a economic calendar to traders while MetaTrader 5 platform provides traders with an economic calendar which alerts traders when news reports are about to be announced.
Meta Trader 4 software does not provide depth of market DOM, to traders while MT5 platform provides depth of market DOM, to traders which allows traders to view where bids & offers are priced in the market.
Meta Trader 4 software uses MetaQuotes Language 4 or MQL4 for programming automated EA, gold robots while MetaTrader 5 software uses MetaQuotes Language 5 or MQL5 for programming automated EA, gold bots. Gold Expert Advisors which are programmed using MQL4 Language are not compatible with MQL5 Language meaning MetaQuotes Language 4 or MQL4 Expert Advisors can't be used on MetaQuotes Language 5 or MQL5 programming environment used by MetaTrader 5.
MQL5 coding language is easier to use as compared to MQL4 programming language which requires more programming functions to complete each operation when compared to MQL5.
MT4 gold EAs cannot be used in MT5 & MT5 gold EAs can't be used on MT4.
Meta Trader 4 platform provides traders with four pending order types: buy stop, sell stop, buy limit & buy stop pending orders- while MT5 platform provides traders with six pending order types: buy stop, sell stop, buy limit, buy stop, buy/sell stop and buy/sell limit pending orders.
Meta Trader 4 platform provides traders with hedging while MetaTrader 5 platform provides traders with hedging and netting. Netting is combining of new added orders to the already opened orders which are similar.
MetaTrader 5 platform is faster than MetaTrader 4 platform. Meta Trader 5 software is 64 bit multi threaded platform while MetaTrader 4 platform is 32 bit single threaded software.
What's the Difference between MetaTrader 4 & MT5 Platforms? - MT4 vs MT5 Platforms Differences - MetaTrader 4 vs MT5 Platforms Difference.
